- FIL bounced from $45 support yesterday.
- Market moves to break $45 again.
- The next major support target is located at around $32.
Filecoin price analysis indicates bearish price action for the next 24 hours as a small retracement was seen overnight against the overall several-day bearish trend. Therefore, FIL/USD will likely spike lower overnight and move towards the next major support around $32.
The cryptocurrency market continued to decline over the last 24 hours. Bitcoin lost 2.61 percent, while the top altcoins, Ethereum, lost around 4.2 percent. Binance Coin (BNB) is among the best performers, with a loss of 6.4 percent.
Filecoin price movement in the last 24 hours: Filecoin prepares for another push lower
FIL/USD traded in a range of $44.97 – $47.39, indicating a moderate amount of volatility. Trading volume has increased by almost 20 percent and totals $226.6 billion. Meanwhile, the total market cap stands around $4 billion, ranking the cryptocurrency in 22nd place overall.
FIL/USD 4-hour chart: FIL set to break $45
On the 4-hour chart, we can see the Filecoin price attempting to break the $45 mark after a pause for further decline yesterday.
Looking at the Filecoin price action development over the past weeks, we can see that the market continues to reach further lows after establishing a swing high around the $66 mark on the 29th of June. What followed was a consolidation above the $55 support for more than a week and a break lower on the 8th of July.
Over the past days, FIL/USD rapidly declined and reached the previous major swing low around $42.5-$45. From there, a small rejection was made yesterday, and FIL consolidated overnight to build a base from which to push lower later today.
Currently, the Filecoin price has approached the $45 support again and looks to finally break lower. Once FIL/USD breaks the $45 support, we can expect a lot more downside later this week as bears likely attempt to reach the $32 support next.
Filecoin Price Analysis: Conclusion
Filecoin price analysis indicates bearish momentum to follow over the next 24 hours as bears have established a base from which to move lower again. Therefore, we expect FIL/USD to break below the $45 support overnight and move towards the next significant support of around $32.
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